The entire supervisory board of BB Trade Estonia OÜ, the company behind Zondacrypto, resigned this week and accused management of systematic misinformation and broken governance. Veronika Togo, Guido Bühler, and Georgi Džaniašvili submitted separate resignations and then issued a joint statement.
Their departure places one of Central Europe’s largest crypto exchanges under deeper scrutiny after claims that public statements, internal information, and operational reality no longer matched each other.
In their statement, the three former board members said they found material inconsistencies between certain public claims, the company’s operations, and information given to the supervisory board. They said the problem went beyond isolated gaps. Instead, they described a deeper failure in the company’s governance structure.
They also identified the concentration of ownership and operational control in one person as the central structural issue. Their statement pointed directly to CEO Przemysław Kral. They said effective oversight depends on transparency, timely communication, and trust, and they argued that this foundation had materially eroded.
The board members said they did not learn about the crisis through company channels. Rather, they said Polish media reports alerted them first as the situation escalated. They added that they had made earlier decisions in good faith, relying on audit reports, MiCA-related regulatory processes, and regular contact with management.
The case has drawn added attention because of its Swiss links. Guido Bühler co-founded and once led Zug-based SEBA Bank, now Amina Bank. Also, Zug-based Divisio Holding AG holds the stakes in the Estonian operating company. Meanwhile, HC Davos has carried the “zondacrypto-Arena” name for about a year, which has made the reputational impact in Switzerland more visible.
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At the same time, Recoveris, a blockchain forensics firm based in Zug, traced a steep decline in Zondacrypto’s known Bitcoin hot-wallet holdings. According to its analysis, those wallets held 55.7 BTC in August 2024. By March 2026, the balance had dropped to 0.18 BTC. Then, on April 1, 2026, only about 0.07 BTC remained.
Recoveris also tracked 511 transactions to wallets at Kraken between December 2025 and April 2026. The firm put the total volume at roughly $21 million. In turn, its analysts described the pattern as a systematic draining of reserves. Kral has cited cold-wallet holdings of more than 4,500 BTC, yet he has not substantiated those figures.
Media reports added another complication. According to those reports, Kral conceded that he lacked access to one of the relevant wallets. In Switzerland, finance magazine Tippinpoint first reported the matter. Those details have intensified focus on whether the company can verify the reserves it says it controls.
Meanwhile, customer complaints about delayed withdrawals have grown since December 2025. Users reported transfers that stayed in pending status for hours or days. As a result, raising concerns that customer withdrawals may no longer be processed promptly. In parallel, the Polish public prosecutor’s office has opened an investigation.
Zondacrypto entered a deeper crisis after its full supervisory board resigned and accused management of misinformation and broken oversight. At the same time, wallet reserve concerns, delayed withdrawals, and a Polish investigation added pressure. The case now turns on transparency, verified reserves, and management’s next response.